Enel unit initiates arbitration against Waaree over India asset deal

Enel Green Power Development S.R.L. has filed a Request for Arbitration against Waaree Energies Limited (WEL) at the International Court of Arbitration of the International Chamber of Commerce (ICC). London has been designated as the seat of arbitration. The dispute relates to a Share Purchase Agreement (SPA) signed on January 10, 2025 for the proposed acquisition of Enel Green Power India Private Limited (EGP India) by WEL.

Enel Green Power Development S.R.L. has alleged breaches of the SPA by WEL and is seeking damages, along with compensation for loss of profits. WEL has disputed the allegations and stated that it will contest the claims. The value of the claims has not been disclosed.

Background 

EGP India is a wholly owned subsidiary of the Italian renewable energy company and operates a portfolio of wind and solar assets in India. The proposed sale to WEL had been positioned as a strategic exit by the European utility from the Indian renewable energy market.

The collapse of the transaction and the initiation of international arbitration adds a contentious element to what had been planned as a structured divestment.

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